IBK enters sub debt sector

Another blow out success from the Korean banking sector as IBK prices debut sub debt issue by a policy bank.

Korean bank credits continue to do no wrong in the eyes of international investors as yet another deal garners a huge order book at an incredibly tight price. IBK is now the fourth bank deal in a row to surpass even the most wildly optimistic of expectations, pricing a $300 million deal yesterday Tuesday on the back of a $4.2 billion order book.

Credit Suisse First Boston, HSBC and UBS were lead managers of the lower tier 2...